| Schedule of Marketable Securities Classified as Available-for-sale Securities |
Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at June 30, 2025 (in thousands):
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June 30, 2025 |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Estimated Fair Value |
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U.S. Treasury securities |
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$ |
129,691 |
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|
$ |
76 |
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|
$ |
(35 |
) |
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$ |
129,732 |
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Corporate debt securities and commercial paper |
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|
87,585 |
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|
37 |
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|
(8 |
) |
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|
87,614 |
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Total |
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$ |
217,276 |
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|
$ |
113 |
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|
$ |
(43 |
) |
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$ |
217,346 |
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| Summary of Financial Instruments Measured at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
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Fair Value Measurements at June 30, 2025 |
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Total |
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Level 1 |
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|
Level 2 |
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|
Level 3 |
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Assets |
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Cash equivalents: |
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Money market funds |
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$ |
69,792 |
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|
$ |
69,792 |
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|
$ |
— |
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|
$ |
— |
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Total cash equivalents |
|
$ |
69,792 |
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|
$ |
69,792 |
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|
$ |
— |
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|
$ |
— |
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|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities: |
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|
|
|
|
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U.S. Treasury securities |
|
$ |
129,732 |
|
|
$ |
— |
|
|
$ |
129,732 |
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|
$ |
— |
|
Corporate debt securities and commercial paper |
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|
87,614 |
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|
|
— |
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|
|
87,614 |
|
|
|
— |
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Total marketable securities |
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$ |
217,346 |
|
|
$ |
— |
|
|
$ |
217,346 |
|
|
$ |
— |
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Total assets |
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$ |
287,138 |
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|
$ |
69,792 |
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|
$ |
217,346 |
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|
$ |
— |
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Liabilities |
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Essentialis purchase price contingency liability |
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$ |
18,859 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
18,859 |
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Total liabilities |
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$ |
18,859 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
18,859 |
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Fair Value Measurements at December 31, 2024 |
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Total |
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|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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Assets |
|
|
|
|
|
|
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|
|
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Cash equivalents: |
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|
|
|
|
|
|
|
|
|
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Money market funds |
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$ |
59,885 |
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|
$ |
59,885 |
|
|
$ |
— |
|
|
$ |
— |
|
Total cash equivalents |
|
$ |
59,885 |
|
|
$ |
59,885 |
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|
$ |
— |
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|
$ |
— |
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|
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|
|
|
|
|
|
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|
Marketable securities: |
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|
|
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|
|
|
|
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|
U.S. treasury securities |
|
$ |
198,065 |
|
|
$ |
— |
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|
$ |
198,065 |
|
|
$ |
— |
|
Corporate debt securities and commercial paper |
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|
32,655 |
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|
|
— |
|
|
|
32,655 |
|
|
|
— |
|
Total marketable securities |
|
$ |
230,720 |
|
|
$ |
— |
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|
$ |
230,720 |
|
|
$ |
— |
|
Total assets |
|
$ |
290,605 |
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|
$ |
59,885 |
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|
$ |
230,720 |
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|
$ |
— |
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|
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|
|
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|
|
|
|
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|
Liabilities |
|
|
|
|
|
|
|
|
|
|
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|
Essentialis purchase price contingency liability |
|
$ |
14,791 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,791 |
|
Total liabilities |
|
$ |
14,791 |
|
|
$ |
— |
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|
$ |
— |
|
|
$ |
14,791 |
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| Summary of Changes in Fair Value of Level 3 Financial Instruments |
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 liabilities for the six months ended June 30, 2025 and 2024 (in thousands):
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|
Purchase Price |
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|
|
Contingent
Liability |
|
Balance at January 1, 2025 |
|
$ |
14,791 |
|
Change in value of contingent liability |
|
|
4,068 |
|
Balance at June 30, 2025 |
|
$ |
18,859 |
|
|
|
|
|
|
|
Purchase Price |
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|
|
Contingent
Liability |
|
Balance at January 1, 2024 |
|
$ |
11,549 |
|
Change in value of contingent liability |
|
|
2,038 |
|
Balance at June 30, 2024 |
|
$ |
13,587 |
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|